Tag: Stablecoin

Stablecoin Market Hits ATH as David Sacks Hints at Regulation

Key Notes Stablecoin market capitalization is reaching the $250 billion mark. David Sacks hinted at a trillion-dollar opportunity with the GENIUS Act. 15 democrats joined the republicans in supporting the stablecoin regulation. . The cryptocurrency market is seeing yet another bullish momentum, and investors are pouring funds into stablecoins before buying volatile assets. According to data from CoinMarketCap, the total value of stablecoins is close to an all-time high of $250 billion, thanks to the steady rise since January. Tether’s USDT is leading the pack with a $152.4 billion market…

Hong Kong Passes Stablecoin Bill to Accelerate Crypto Growth

Key Notes Hong Kong regulators will prioritize expanding real-world stablecoin use cases in retail, cross-border trade, and peer-to-peer transactions. The framework mandates fiat-backed stablecoins, ensuring strong regulatory standards and market confidence. The stablecoin legislation complements Hong Kong’s broader push for Web3 development, alongside new cryptocurrency staking regulations. In a major step towards becoming the global Web3 hub, the Hong Kong Legislative Council passed the “Stablecoins Bill” in its third reading. Interestingly, the decision came just a day after the US stablecoin bill, known as the GENIUS Act, advanced to the…

Senate stablecoin vote splits Democrats amid concerns over corruption

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US Senate Democrats are getting flak after they helped move stablecoin legislation ahead for discussion on the Senate floor. On May 19, 16 Democratic senators broke from the party line to pass a motion to invoke cloture, which will now set the bill up for debate on the Senate floor. Some of the same Democrats had held up the bill in early May when they withdrew support, citing corruption concerns over President Donald Trump’s cryptocurrency dealings. The bill’s opponents hailed lawmakers’ refusal to support it but were soon taken aback…

Korean Candidate Proposes Stablecoin Pegged to Won

Key Notes South Korean presidential candidate favours won-backed stablecoin. The stablecoin is expected to reduce capital flight in the country. Lee Jae-myung also plans to establish a system that enables greater institutional participation in cryptocurrency. South Korea’s presidential candidate from the Democratic Party, Lee Jae-myung, has announced plans to support the development of a stablecoin pegged to the Korean won. This proposed won-backed stablecoin aims to curb capital flight and strengthen the country’s financial sovereignty. Jae-myung emphasized that introducing such a stablecoin would allow the Korean economy to retain more…

Senate Advances GENIUS Act Stablecoin Bill

Key Notes Democratic Senators who previously opposed the bill, including Mark Warner, Adam Schiff, and Ruben Gallego, have shifted their stance to support it. The GENIUS Act outlines strict AML/KYC protocols, mandates 1:1 reserves backed by USD. Following the Senate’s debate and vote, the GENIUS Act will move to the House of Representatives. On May 19, the US Senate managed to successfully move ahead with the stablecoin bill, or the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS ACT), with a 62-32 procedural vote. The long-awaited crypto regulation…

US Senate moves forward with GENIUS stablecoin bill

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The US Senate has voted to advance a key stablecoin-regulating bill after Democrat Senators blocked an attempt to move the bill forward earlier in May over concerns about President Donald Trump’s sprawling crypto empire. A key procedural vote on the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, passed in a 66-32 vote on May 20. Several Democrats changed their votes to pass the motion to invoke cloture, which will now set the bill up for debate on the Senate floor. Republican Senator Cynthia Lummis, one…

XSGD Stablecoin by StraitsX, With 8B On-Chain Transactions, Launches on XRP Ledger

Crypto infrastructure provider StraitsX debuted its Singapore dollar-pegged stablecoin, XSGD, on the XRP Ledger (XRPL) to cater to growing demand for regulated multi-chain stablecoins supporting real-time cross-border payments. Digital asset developers, fintechs firms and financial institutions can use XSGD to conduct cross-border transactions, settle transactions on-chain and create programmable financial flows. XGSD is being powered by XRPL, a decentralized public blockchain from Ripple. StraitsX, a major payment institution licensed by the Monetary Authority of Singapore, began issuing XSGD in 2020. The stablecoin pegged to the Singapore dollar is fully backed…

House to vote on cryptocurrency regulation that could impact Trump family

▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io ABC News’ Jay O’Brien reports on the GENIUS Act, a bill that would create a regulatory framework for a type of cryptocurrency known as stablecoins. Subscribe to ABC News on YouTube: ABC News Digital is your daily source of breaking national and world news, exclusive interviews and 24/7 live streaming coverage. Download the ABC News app for the latest headlines and alerts: Watch 24/7 coverage of breaking news and live events on ABC News Live: Watch full episodes of World News Tonight…

Crypto Exchanges Oppose Brazil’s Stablecoin Self-Custody Ban

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Crypto actors see the ban proposal, spearheaded by the Central Bank of Brazil, as excessive and explain that this move might push companies to operate offshore. An alternative proposal that substitutes the proposed ban with a reporting system was also recently floated. Exchanges Say Stablecoin Self-Custody Ban Proposal Could Push Crypto Offshore in Brazil The […] Source

US Senate will pass Stablecoin bill — Digital Chamber chief

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The stalling of key stablecoin legislation in the United States Senate was a minor setback, and the bill will pass in the coming weeks, said Cody Carbone, CEO of Digital Chamber, a Washington, DC,-based blockchain trade association and advocacy group. Speaking to Cointelegraph at Consensus 2025, Carbone argued it is in the best interests of the US to pass comprehensive stablecoin regulations to protect US dollar hegemony in global markets, which has bipartisan appeal and support. Carbone said: “These things never move as quickly as we want them to move,…